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Tag: Education Trust

Trusts Explained for Immigrants

Posted on Sat Jun 15, 2019, on Trusts

From Our “Ask a Question” Mailbag: “I am an immigrant from China. I read your articles, and could you please write an article about Trusts Explained for Immigrants?” Trusts Explained for Immigrants. After living for a year in Beijing, spending several years in Europe and being married to a Korean […]

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Can I use my revocable living trust to form an education trust for my nieces?

Posted on Thu Jul 23, 2015, on Trusts

From our “Ask a Question” mailbag: I created a Revocable Living Trust to avoid probate with the Philadelphia Register of Wills, but I have decided that I would like to form a trust that would pay for my nieces college education. Can I do this using my Revocable Living Trust?

You can certainly form an Education Trust within the terms of your existing Revocable Living Trust. A Living Trust is divided into two main parts; the terms that apply when you are alive and the terms that apply after your death.

What I can do is draft an amendment to your existing Revocable Living Trust adding the Education Trust into the “what happens after your death” portion.

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Estate Planning Opportunities; Use Them or Lose Them!

Posted on Mon Sep 17, 2012, on Estate Planning

Only a little over three months remain to maximize estate tax and gift tax opportunities that are scheduled to disappear in 2013. There is still time, but if you are going to act you need to start working with your estate planning lawyer soon.

Never have the Gift Tax and Estate Tax exemptions been higher than they are currently. The Federal Estate and Gift Tax Exemptions are currently $5,120,000.00. If congress takes no actions, these exemptions fall to $1,000,000.00 in 2013. This change exposes to taxation an additional $4,120,000 to those who die or gift in 2013 vs. 2012, increasing the tax due by hundreds if not millions of dollars.¹

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D.P.

Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.

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Michael Patete

Surprisingly easy

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CHARLES TOLL

Excellent, knowledgeable team handled a complicated issue with superb results.

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Peter G.

Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.

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A Google User

Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

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